SeaBird Exploration has sold a seismic data license over Rio Grande Rise in Brazil.
SeaBird’s share of the sale is approximately $0.8 million. The license sale relates to assets which previously have been written down to $0.2 million on the balance sheet, the company explained.
The company will therefore report a gain of $0.7 million in quarter one, related to this transaction.
SeaBird holds a number of assets with zero book value following impairment testing and write-downs in recent years. These assets comprise of both multi-client surveys as well as trade receivables.
The company will continue working towards monetizing these assets going forward.